More than half of Asia’s fundraising went to China last month

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Hello readers,

Have you and your friends ever met up to commiserate about being down on your luck, but there’s just that one friend whose week is going pretty well?

China is that friend. While August saw a significant drop in funding amounts and number of deals in Asia compared to July and the same time last year, China scooped up over half of the total fundraising amount, with major investments going into some late-stage deals.

Scroll down for a quick summary of our August investment report for more details or read the full report here.

Your quick bytes for today:

1️⃣ Singapore’s Thunes nets funding for global expansion

Thunes, a Singapore-based fintech startup, announced that it has raised US$60 million in a series B funding round led by Africa-focused investment firm Helios Investment Partners.

2️⃣ US businesses in China don’t want to go home

President Donald Trump has urged US companies to leave China and return home, threatening tariffs on firms that refuse to comply. But a recent survey of US businesses in the country shows that most aren’t interested in taking him up on the offer. Only about 4% of the more than 200 manufacturers surveyed said they would shift any production to the US. More than 75% said they don’t intend to move production out of China, while 14% said they would shift some operations to other countries, and 7% planned on relocating domestically and overseas.

3️⃣ Reliance Jio plans to roll out 100 million low-cost phones by December

Reliance Jio is looking at a plan to outsource and manufacture over 100 million low-cost smartphones to be built on the Google Android platform. These phones, which will be bundled with data packs, could be launched in December or early next year. According to some leading vendors, the company has held talks with them to manufacture the phones in India.

4️⃣ PUBG is on the lookout for an Indian partner

The parent company of mobile game PlayerUnknown’s Battlegrounds (PUBG) is looking to partner with an Indian gaming firm in an attempt to resurrect its fortunes in its biggest market. This follows the recent news that PUBG Corp. severed ties with Chinese gaming giant Tencent Games in India after PUBG was banned by the government. A person aware of the negotiations said a new licensing agreement is in the works with an Indian gaming firm to pass on the rights to run PUBG Mobile in India.

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